Avoiding financial problems may result in additional hardship

Talking about money with family, friends and professionals can be difficult. It can be even harder when adults are struggling or facing significant financial problems, such as foreclosure, credit card debt or depleted retirement savings. However, speaking with people who may be affected by the crisis or a professional who is trained to help, such as a credit counselor, can help individuals develop a plan for dealing with these types of issues.

A recent survey conducted by Ameriprise reveals that many families are uncomfortable discussing money-related topics, such as retirement savings, debt and their personal finances, despite the fact that they may all be affected. According to the results, 71 percent of Generation X and Y do not discuss healthcare costs with family members, even though medical issues remains one of the top threats to financial stability and a healthy retirement.

Despite the fact that only 15 percent of current retirees feel optimistic about their financial stability, 71 percent said they do not discuss their money management plans or retirement picture with family members. Lastly, 55 percent of adult children say they worry about their parents' retirement savings and whether they are financially equipped to support themselves throughout their golden years.

Keeping money issues hidden can be ruinous to an individual's financial and physical health, and the longer an adult waits to speak with a professional, the longer they may travel down a dangerous road. For this reason, it's important for individuals – of any age and income bracket – to seek credit counseling, financial advice or housing guidance to explore their options and come up with a plan that caters to their specific needs. For example, adults who are facing hardship may simply need to rearrange their budgets and make changes to their lifestyle to squeeze more out of their income. This may help them chip away at debt, put more into savings or fund their nest egg. In other cases, more direct action may need to be taken, such as enrolling in a debt consolidation program.

Lastly, adults facing housing issues can work with a counselor to decide on the best course of action for their unique circumstances. But whatever individuals are facing, speaking with a professional can help them get back on the right financial track, and put them and their families at ease.